This volume presents the proceedings of the ASIACRYPT '94 Workshop devoted to the Theory and Application of Cryptology, held at the University of Wollongong, New South Wales, Australia in November/December 1994. Besides 30 revised full papers selected from a total of 99 submissions, there are three invited papers and four papers from the traditional rump session. The papers cover the whole spectrum of cryptology; they are organized in sections on secret sharing, stream ciphers, cryptographic functions, protocols, authentication and digital signatures, cryptanalysis, hash functions, key distribution, public key cryptography, and block cipher algorithms.